Private Medical Insurance is in Demand
Posted on 15th December 2023 at 10:23
What is Private Medical Insurance?
PMI is a policy designed to meet some, or all, of the costs of private medical treatment for acute illness or injury on a short-term basis. It covers things like:
• A private room at a hospital
• Surgeons’ and other specialists’ fees
• Outpatient treatment like physiotherapy
• Day case treatment including surgical and diagnostic procedures.
Since the outbreak of the pandemic, there has been a tremendous increase in pressure on the NHS.
There are 7.77 million people waiting for NHS hospital treatment in England with nearly 3.29 million of these patients waiting over 18 weeks. In September 2019 before the pandemic began, those waiting more than 52 weeks for treatment stood at around 1,539 and is now nearly 254 times more at nearly 391,000. Source: NHS backlog data analysis (bma.org.uk).
So there needs to be an alternative. PMI is bridging the gap and with NHS waiting times likely to remain high for a number of years, offering your employees this cover is fast becoming essential. Why…
Why the NHS is fast becoming essential.
• Keeping your workforce happy and in work.
• Access to a GP straight away with a referral almost instantly.
• Same day referrals for diagnostics and direct access to clinical pathways for Cancer, Muscular Skeletal and Mental Health conditions.
• Specialist consultations within just a few days.
• Elective surgery within weeks, not years.
Trends.
Benefiz are seeing an increasing number of not only employees but also their dependants opting-in to this benefit. As a result, we have seen insurers increasing their workforce this year to cope with the extra demand. Indeed, we have seen one insurer reporting an increase of 25% in claims.
We want to help!
At Benefiz, we think this demand will only continue to grow in the future. If you have existing employee benefits that need updating or are looking to introduce employee benefits for the first time, then contact us at enquiries@benefiz.co.uk. Typically working with your in-house HR team, we are independent experts that understand the market and can provide outsourced management of your employee benefits.
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